Naira appreciates to N1,545/$ in parallel market

The Naira Friday appreciated to N1,545 per dollar in the parallel market from N1,550 per dollar on Thursday.

However, the Naira depreciated to N1,563.8 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,563.8 per dollar from N1,554.55 per dollar on Thursday, indicating N9.25 depreciation for the naira.

The market recorded an intraday high of N1586 per dollar and an intraday day low of N1496.46 per dollar resulting in a N89.54 bearing.

The volume of dollars (turnover) traded on the window fell by 63.7 percent to $126.5 million from $348.82 million traded on Thursday.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N18.8 per dollar from N54.55 per dollar on Thursday.